The economy does not seem to be doing as well as everyone would like to portray as doing. Companies' earnings reports yesterday came in at less-than-expected results and many companies are instituting layoffs or continuing their plans in full force. Yesterday, we saw the announcement that AMD was axing part of its force, and now Sony is continuing with its plans to reduce its workforce by 10,000.

Sony had previously announced plans to layoff 10,000 employees by the end of this coming March. We now have more details on how they will achieve this end result. Sony announced that it will be cutting roughly 20 percent of its headquarters staff in addition to closing a factory that is located in Japan.

Previously, Sony had cut 1,800 jobs from its books by selling a chemical company to a state-run bank in Japan. The cuts at headquarters and the Gifu plant will amount to another 2,000 people. Reuters is also reporting that Sony plans to cut a further 2,000 employees in Europe, with roughly half of those cuts coming from the ending of its partnership with Ericsson.